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Namibia moves to scrap preferential tax system
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Namibia moves to scrap preferential tax system

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Manufacturers in Namibia will no longer get special treatment of paying less tax as the policy will be reviewed to end the preferential tax system.

In January, manufacturers pay 18% tax instead of 32% paid by everyone.

This was disclosed by the finance minister, Calle Schlettwein during his budget speech in parliament.

Schlettwein’s move follows pressure from the European Union for the country to stop the preferential tax system through nullifying the Export Processing Zone Act and tax incentives for manufacturers.

The minister says repealing the EPZ Act and introducing special economic zones will encourage business development including SMEs and job creation.

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